Akastor

Quarterly Report • Oct 30, 2024

Quarterly presentation – Akastor ASA 3Q 2024

October 30, 2024

Akastor © 2024

3Q 2024 Highlights

• EBITDA (adj.) of USD 46 million in quarter, up 32% yearon-year
• Acquisition of Drillform, a leader in automated drilling tools completed in July
• Dan Rabun announced as new Chairman in October
• Revenue utilization on AKOFS Seafarer and Aker Wayfarer near 100% in period
• AKOFS Santos saw improved performance and recorded a utilization of 85%, including 10 days of maintenance downtime
• All three vessels in operation through quarter
• Significant contract backlog secured post quarter end, providing good visibility for 2025
• Financing Net cash position through quarter, with no draw on corporate facilities

NET CAPITAL EMPLOYED 1)

NOK million, 30 September 2024

Financial update

Ownership agenda

Q&A

Summary and outlook

• HMH acquired Drillform, a Calgary-based leader in automated drilling tools
• Revenue of USD 213 million in the quarter, up 5% yearon-year
• EBITDA of USD 46 million in the quarter, up 32% yearon-year
• EBITDA margin of 22%, with increase compared to prior quarters driven by product mix
• Order intake of USD 194 million, down versus prior year due to flat rig activity resulting in a more cautious approach to discretionary short-cycle spending
• Mr. Daniel "Dan" W. Rabun appointed Chairman of the Board of Directors effective October 21, 2024

Transaction

100% of the equity interests in Drillform Technical Services Ltd. acquired in July for a total consideration of approx. USD 21 million in cash¹

Drillform Technical Services Ltd.

Based in Calgary, with facilities in Tulsa, USA, and Abu Dhabi, UAE, Drillform holds a robust portfolio of patents and intellectual property for drill pipe handling equipment, with a strong installed base of automated floor wrenches and catwalks worldwide.

Amongst other blue-chip clients, Drillform holds an exclusive long-term agreement with Helmerich & Payne Inc. (NYSE: HP) to manufacture and supply automated floor wrenches for H&P's global drilling operations.

Advanced Drilling Technology

Roughnecks: Elevate rig floor automation while removing personnel from the rotating zone. Seamlessly integrates into existing systems, offering remote diagnostics, data tracking for every connection, and enabling predictive maintenance.

Drilling Catwalks: The industry's only catwalk handling triples of premium drill pipe and doubles of range 3 casing, cutting casing run-time by 50%.

Chief Executive Officer of HMH Eirik Bergsvik

"I am excited to announce HMH's acquisition of Drillform, a leader in automated drilling tools.

Drillform's technologies represent an important step in HMH's growth strategy, expanding our onshore capabilities and improving drilling safety and performance. We are excited about Drillform's future with HMH and welcome the employees into the HMH family."

HMH highlights | 3Q 2024

• Revenues up 5% year-on-year and up 3% quarteron-quarter driven by increased product shipments
• EBITDA up 32% year-on-year and up 11% quarteron-quarter driven by increased product volume and improved revenue mix within projects, products, and other.
• Order intake down 6% year-on-year driven by decrease in services from prior year and up 8% quarter-on-quarter driven by increase projects, products, and other offset by lower service intake.
• Free Cash Flow flat in the quarter, driven by timing of key milestone collections and working capital build for key rig upgrades and land equipment projects. FCF expected to turn positive in 4Q 2024. USD 33 million cash & cash equivalent at end of 3Q 2024.

Proforma financials, IFRS

3Q23 4Q23 1Q24 2Q24 3Q24

46 33 42 46 3Q23 4Q23 1Q24 2Q24 3Q24

EQUIPMENT BACKLOG 2)

EBITDA MARGIN (Adj.) % 17.3 21.0 17.2 20.0 21.7

3Q23 4Q23 1Q24 2Q24 3Q24

FREE CASH FLOW 3) USD millions 12 34 8 -8 0 3Q23 4Q23 1Q24 2Q24 3Q24

Akastor © 2024 Slide 6 1) EBITDA adjusted for non-recurring expenses or costs defined as outside of normal company operations (USD 2 million adjustment in 3Q 24).

2) Equipment backlog defined as order backlog within Projects, Products and Other

3) Free Cash Flow defined as cash generated from operating activities, less capex and development cost. Historic FCF figures have been adjusted to align with updated reporting practises.

Segments highlights

Aftermarket Services

• Service revenue down 4% year-on-year and down 6% quarter-onquarter driven by lower service order intake in the quarter
• Order intake down 10% year-on-year and down 8% quarter-onquarter driven by flat rig activity and restrained spending by customers.

Projects, Products & Other

▪ Revenue up 30% year-on-year and up 25% quarter-on-quarter driven by increased product shipments.

Net interest-bearing debt

• Net debt of USD 197 million as per end of period (excl. shareholder loans)
• Leverage, NIBD/LTM EBITDA (adj.), at 1.2x per 3Q 2024
• USD 30 million drawn on the RCF as of Q3 2024

IBD as per end of period	Amount	Key terms
Senior Secured Bond	200	Nordic Bond raised in 4Q 2023. Maturity November 2026. Fixed rate 9.875%.
Super Senior Secured RCF	30	USD 50m facility, maturity May 2026. Margin 350 – 425 bps.
Gross Interest-Bearing Debt	230
Net shareholder loans 1)	119	Subordinated, 8% PIK interest

Financial update

Ownership agenda

Q&A

Net Capital Employed

778 388 259 243 752 3 368 Listed holdings2) (205) Other Net Capital Employed NIBD Equity 4 832 5 584 NOK million NOK million

Net Capital Employed per 3Q 2024 1) Development in 3Q 2024

Net interest-bearing debt

3Q 2024 highlights

• Net cash position reduced by NOK 117 million in the quarter, to a net cash position of NOK 123 million
• "Other" (as shown in graph) includes positive non-cash foreign exchange effects of NOK 6 million and funding of AKOFS Offshore in period
• DDW Offshore net debt of NOK 296 million per end of quarter
• Net bank debt per 3Q includes NOK 404 million held through a liquidity fund, investing in short-term fixed-income securities. This fund investment is classified as a short-term financial investment in the consolidated balance sheet.

NOK million	30 2024
lon-current bank debt	241
Current bank debt	76
iquidity fund investment	-404
Cash and cash equivalents	-36
Net bank debt	-123
AKOFS receivable	-348
HMH receivable 1)	-226
Other receivables	-55
let interest-bearing debt (NIBD)	-752

External financing facilities and liquidity

Overview of financing facilities

Facility	Size	Maturity	Margin
Revolving Credit Facility (Akastor corporate)	USD 30 million	June 2026	4.0%
Share financing facility (Akastor corporate)	NOK 70 million [1]	Uncommitted	1.5%
Term loan (DDW Offshore)	USD 31 million	September 2026	10.85% [2]

▪ No draw on corporate facilities per end of period

Liquidity as of 30 September 2024

• Liquidity fund investment included in overview, as holding is convertible to cash on short notice
• Cash includes NOK 25 million within DDW Offshore
• Revolving Credit Facility remained fully undrawn per end of period

Income statement 3Q 2024

NOK million	3Q 2024	30 2023	YTD 2024	YTD 2023
Revenue	99	64	202	180
Other income	0	-2	630	1 पे
Revenue and other income	99	62	832	194
FRITDA	25	-4	626	-25
EBIT	8	-11	594	-46
Net financial items	-59	-49	843	33
Profit (loss) from equity-accounted investees	58	-39	65	-212
Profit (loss) before tax	6	- да	1 502	-224
Tax income (expense)	0	-0	-3	-0
Profit (loss) from cont. operations	6	-100	1 499	-225
Net profit (loss) from disc. operations	O	-0	ব	113
Profit (loss) for the period	6	-100	1 503	-111

Revenue and other income (NOK million)	30 2024	30 2023	YTD 2024	YILD 2023
DDW Offshore	97	53	193	151
Other	2	9	639	44
Reported Group revenue and other income	ਰੇਰੇ	62	832	194
	30	30	YTD	YILD
EBITDA (NOK million)	2024	2023	2024	2023
DDW Offshore	40	18	47	45
Other	-15	-22	579	-69
Reported Group EBITDA	25	-4	626	-25

COMMENTS

▪ JV holdings, including HMH and AKOFS, are not consolidated in the Akastor group financials. Consolidated revenue and EBITDA thus only represent a minor part of Akastor's investments.

Income statement 3Q 2024 (cont.)

NOK million	30 2024	30 2023	YID 2024	YID 2023
Revenue	99	64	202	180
Other income	O	-2	630	1 पे
Revenue and other income	ರಿಗಾರಿ ನಿರ್ವಹಿಸಿದರು. ಇದರಿ ಅಂದು ಮಾರ್ಥಿಕಾರಿ ಮಾಡಿ ಮಾರ್ಥಿಕ ಮಾರ್ಥಿಕ ಮಾರ್ಥಿಕ ಮಾರ್ಗ್ರಾಮಿ ಮಾರ್ಥಿಕಾರಿ ಮಾಡಿ ಮಾರ್ಥಿಕ ಮಾರ್ಗ್ ಮಾಡಿ ಮಾರ್ಗ್ ಮಾಡಿ ಮಾರ್ಗ್ ಮಾಡಿ ಮಾರ್ಗ್ ಮಾಡಿ ಮಾರ್ಗ್ ಮಾಡಿ ಮಾರ್ಗ್	62	832	194
EBITDA	25	-4	626	-25
EBIT	8	-11	594	-46
Net financial items	-59	-49	843	33
Profit (loss) from equity-accounted investees	58	-39	65	-212
Profit (loss) before tax	6	- ପ୍ରି	1 502	-224
Tax income (expense)	0	-0	-3	-0
Profit (loss) from cont. operations	6	-100	1 499	-225
Net profit (loss) from disc. operations	0	-0	4	113
Profit (loss) for the period	6	-100	1 503	-111

NOK million	30 2024	30 2023	YTD 2024	YTD 2023
Odfjell Drilling	-20	5	108	9
NES Fircroft	-7	24	44	45
Other investments	-15	-8	-18	-23
Contribution from financial investments	-42	20	134	31
Net interest exp. on borrowings	5	-23	-41	-80
Net interest charges on leases	0	1	O	ರ
Net foreign exchange gain (loss)	-27	-18	35	102
Other financial income (expenses)	4	-30	715	-29
Net financial items	-59	-49	843	33
HMH	100	40	234	28
AKOFS Offshore	-42	-74	-170	-235
Other	-0	-5	O	-5
Profit (loss) from equity-accounted investees	58	-39	65	-212

COMMENTS

• Net financial items include noncash items from financial investments and a non-cash net foreign exchange loss of NOK 27 million
• Equity-accounted investees contributed positively with NOK 58 million (non-cash for Akastor)

Financial update

Ownership agenda

Q&A

Portfolio overview

Company	Service offering	Ownership
	Full-service drilling equipment and service provider	50%
	Engineering staffing and solution provider for technical industries	~15%1)
	Subsea well construction and intervention services	50%
	Owner of 3 mid-sized AHTS vessels	100%
	Owner and operator of harsh environment drilling units	1.3%
	Energy and marine consultancy company	~5%
	International upstream oil and gas company	~2%
	Independent service provider to offshore wind and other energy sectors	36%
	Legacy drilling contractor	~7%

Business model

• Global full-service offshore and onshore drilling equipment provider with a broad portfolio of products and services
• Large installed base providing firm foundation for strong customer relationship and recurring streams

Quarterly highlights

• Revenues up 5% year-on-year and up 3% quarter-onquarter driven by increased product shipments
• EBITDA (adj.) of USD 46 million in quarter, up 32% year-on-year, with an EBITDA margin of 22% driven by product mix
• Acquisition of Drillform completed in July
• Dan Rabun announced as new Chairman in October

Ownership agenda

• Expand the business through organic growth and value-adding acquisitions
• Maintain a leading market position via customercentric R&D, catalyzed by digital technologies
• Targeting to make investment liquid

3Q23 4Q23 1Q24 2Q24 3Q24

Capital Employed NOK 3 368 million Akastor ownership 50% ~2 100 employees (FTE incl. contractors) 69%

Large installed base of 123 offshore drilling rigs2)

Akastor © 2024 Slide 17 1) EBITDA adjusted for non-recurring expenses or costs defined as outside of normal company operations (USD 2 million adjustment in 3Q 24)

2) Including floaters, jack-ups and fixed platforms with either HMH BOP pure stack (annular and ram) or HMH topside package. Figure includes 16 cold stacked units. Reduction of one rig from Q2 2024 (Stena Spey retired in period).

NES Fircroft

Business model

• World's leading engineering staffing and solution provider for highly technical industries spanning a range of staffing services: Contract, Permanent Hire & Managed Solutions
• Diversified range of high growth and strategic endmarkets with a recurring client base within different sectors: Oil & Gas, Power & Renewables, Infrastructure, Life Sciences, Mining, Automotive and Chemicals

Quarterly highlights1)

• 12% growth in EBITDA compared to the same period last year
• Business supporting renewable and energy transition grew by 77% compared to last year
• NIBD to EBITDA ratio of 1.36x, 0.75x lower than a year ago
• Successfully completed a new 5-year senior secured bond issue of USD 350 million in September, with a coupon rate of 8.0% per annum

Ownership agenda

• Pursue growth through both organic initiatives and selective M&A
• Optimize value at exit

Akastor © 2024 Slide 18 1) Fiscal year end 31st October. Figures presented on 100% basis. Reported figures representing cont. operations for the Group. 2) Underlying EBITDA comprises earnings before interest, tax, depreciation and amortization and before exceptional items and management recharges. This is considered a better approximation of profit as it is calculated by excluding all non-trading expenditure and non-cash items from operating profit.

REVENUE 1) USD millions

EBITDA 1) 2) USD millions

^{34 34 32}

35

699 707 697

Net Interest-Bearing Debt per 3Q 241) of USD 190 million (excl. IDF draw of 125 million)

AKOFS Offshore

Business model

• Vessel-based subsea well construction and intervention services covering all phases from conceptual development to project execution and offshore operations
• Operates two SESV vessels in Brazil on contract with Petrobras and one LWI vessel in Norway on contract with Equinor

Quarterly highlights

• All vessels in operation through quarter
• Aker Wayfarer delivered a revenue utilization of 99%, while AKOFS Seafarer delivered 98%
• AKOFS Santos reported a revenue utilization of 85% in period, affected by a maintenance stop of 10 days

Ownership agenda

• Secure delivery on order backlog
• Explore strategic initiatives

DDW Offshore

Business model

• Owns three Anchor Handling Tug Supply (AHTS) vessels with capability to operate and support clients on a world-wide basis
• The vessels are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields

Quarterly highlights

• Skandi Emerald operated for Petrofac through quarter
• Skandi Atlantic was on contract with Chevron through the quarter, with current firm contract expiring in November this year
• Skandi Peregrino operated in the spot market from Aberdeen through the quarter, with a recorded utilization of 40%
• Post quarter end, Skandi Peregrino and Skandi Atlantic were contracted for one year by an international oil company in Australia, starting Q1 25

Ownership agenda

• Secure fleet utilization
• Optimize value at exit

Firm Priced options

Key priorities for Akastor going forward

Akastor © 2024

DISTRIBUTION TO SHAREHOLDERS (CASH OR SHARES) TARGETING TO DISTRIBUTE PROCEEDS FROM FUTURE REALIZATIONS TO SHAREHOLDERS

Slide 21

Akastor © 2024 Slide 22

Financial update

Ownership agenda

Q&A

Appendix

Selected transactions since inception in 2014

Akastor © 2024 Slide 24 1) Pref shares USD 75m + warrants; 2) cash gain; 3) Plus earnout; 4) USD 75m cash + USD 20m seller credit settled in June 2023; 5) Equity value. Proceeds partly in ABL shares, with value based on NOK 15 per ABL share; 6) of which 50% shared with the DDW Offshore lenders; 7) Value of shares received per day of receival;

Consolidated Income Statement

	Third Quarter		Fiscal Year
NOK million	2024	2023	2024	2023
Revenues and other income	ට ව	62	832	194
Operating expenses	-74	-66	-206	-219
EBITDA	25	-4	626	-25
Depreciation, amortization and impairment	-16	-7	-32	-21
Operating profit (loss)	8	-11	594	-46
Net financial items	-59	-49	843	33
Profit (loss) from equity-accounted investees	58	-39	65	-212
Profit (loss) before tax	6	-99	1 502	-224
Tax income (expense)		-0	-3	-0
Profit (loss) from continuing operations	6	-100	1 499	-225
Net profit (loss) from discontinued operations		-0	ব	113
Profit (loss) for the period	6	-100	1 503	-111
Attributable to:
Equity holders of Akastor ASA	6	-100	1 503	-114
Non-controlling interests				3

Consolidated Statement of Financial Position

	September 30	December 31
NOK million	2024	2023
Property, plant and equipment	345	231
Right-of-Use assets	9	7
Other non-current assets	1	1
Non-current interest bearing receivables	425	550
Equity-accounted investees and other investments	4 825	4 490
Total non-current assets	5 605	5 279
Current operating assets	103	606
Current finance lease receivables	4	19
Current interest-bearing receivables	249	O
Liquidity fund investment	404
Cash and cash equivalents	36	144
Total current assets	795	769
Total assets	6 401	6 048
Equity attributable to equity holders of Akastor ASA	5 584	3 970
Total equity	5 584	3 970
Employee benefit obligations	76	82
Non-current liabilities and provisions	177	255
Non-current borrowings	285	236
Non-current lease liabilities	6	2
Total non-current liabilities	544	575
Current operating liabilities and provisions	187	339
Current borrowings	76	1 133
Current lease liabilities	9	32
Total current liabilities	272	1 504
Total equity and liabilities	6 401	6 048

Consolidated Statement of Cash flows

	Third Quarter		Fiscal Year
NOK million	2024	2023 :	2024	2023
Profit (loss) for the period	6	-100	1 503	-111
(Profit) loss for the period - discontinued operations	O	O	-4	-13
Depreciations, amortization and impairment - continuing operations	16	7	32	21
Other adjustments for non-cash items and changes in operating assets and liabilities	-84	-119	228	-68
Net cash from operating activities	-୧ J	-212	1 759	-272
Payments for PPE and capitalized development	-24	-2	-136	-6
Payments related to sale of subsidiaries incl. adjustment for prior years' divestments	- /	-6	-183	-71
Proceeds from finance lease receivables	5	188	15	206
Investment in liquidity fund	-398	O	-398	0
Cash flow from other investing activities	-32	-79	-69	108
Net cash from investing activities	-456	101	-772	236
Net changes in external borrowings	0	20	-1 082	90
Instalment of lease liabilities	-8	-9	-25	-31
Net cash from financing activities	-7	10	-1 107	58
Effect of exchange rate changes on cash and cash equivalents	1	0	11	2
Net increase (decrease) in cash and cash equivalents	-524	-100	-109	25
Cash and cash equivalents at the beginning of the period	560	244	144	119
Cash and cash equivalents at the end of the period	36	144	36	144 :

The statement includes cash flows from discontinued operations prior to the disposal.

Akastor © 2024 Slide 27

Alternative Performance Measures (1 of 2)

Akastor discloses alternative performance measures as a supplement to the consolidated financial statements. Such performance measures are used to provide an enhanced insight into the operating performance, financing abilities and future prospects of the group.

These measures are calculated in a consistent and transparent manner and are intended to provide enhanced comparability of the performance from period to period. It is Akastor's experience that these measures are frequently used by securities analysts, investors and other interested parties.

• EBITDA earnings before interest, tax, depreciation and amortization, corresponding to "Operating profit before depreciation, amortization and impairment" in the consolidated income statement
• EBIT earnings before interest and tax, corresponding to "Operating profit (loss)" in the consolidated income statement
• Net current operating assets (NCOA) a measure of working capital. It is calculated by current operating assets minus current operating liabilities, excluding current financial investments
• Net capital employed (NCE) a measure of all assets employed in the operation of a business. It is calculated by net current operating assets added by non-current assets and finance lease receivables minus deferred tax liabilities, employee benefit obligations, other non-current liabilities and total lease liabilities
• Gross debt sum of current and non-current borrowings, which do not include lease liabilities
• Net debt gross debt minus cash and cash equivalents and highly liquid investments held in liquidity fund
• Net interest-bearing debt (NIBD) net debt minus non-current and current interest-bearing receivables
• Equity ratio a measure of investment leverage, calculated as total equity divided by total assets at the reporting date
• Liquidity reserve comprises cash and cash equivalents, highly liquid investments held in liquidity fund and undrawn committed credit facilities

Alternative Performance Measures (2 of 2)

NOK million		September 30 2024	December 31 2023
	Non-current borrowings	285	236
	Current borrowings	76	1 133
Gross debt		361	1 369
Less:	Cash and cash equivalents	36	144
	Liquidity fund investment	404	-
	Net debt (Net cash)	-79	1 225
Less:	Non-current interest-bearing receivables	425	550
	Current interest-bearing receivable	249	0
	Net interest-bearing debt (NIBD)	-752	675

NOK million	September 30 2024	December 31 2023
Total equity	5 584	3 970
Divided by Total assets	6 401	6 048
Equity ratio	87%	66%
Cash and cash equivalents	36	144
Liquidity fund investment	404	-
Undrawn committed credit facilities	315	335
Liquidity reserve	754	479

NOK million		September 30 2024	December 31 2023
	Current operating assets	103	606
Less:	Current operating liabilities	187	339
	Net current operating assets (NCOA)	-84	267
Plus:
	Total non-current assets	5 605	5 279
	Current finance lease receivables	4	19
Less:
	Non-current interest-bearing receivables	425	550
	Employee benefit obligations	76	82
	Other non-current liabilities	177	255
	Total lease liabilities	15	34
	Net capital employed (NCE)	4 832	4 645

Key figures | Group

AKASTOR GROUP

NOK million	3Q 23	4Q 23	1Q 24	2Q 24	3Q 24	YTD
Revenue and other income	62	87	642	ਰ ਹ	රිව	832
EBITDA	-4	23	573	28	25	626
EBIT	-11	15	567	ਹੈ ਰੇ	8	594
NCOA	314	267	872	-180	-84	-84
Net capital employed	4 764	4 645	5 523	4 714	4 832	4 832

Key figures | Split per company (1/4)

HMH

USD million	3Q 23	4Q 23	1Q 24	2Q 24	3Q 24	YTD 2024
Revenue	203	208	193	208	213	615
EBITDA (adj) [1]	35	46	33	42	46	121
EBITDA	34	46	32	40	45	116
EBIT	23	ਹੈ ਹੈ	20	28	33	81
Order intake	207	197	209	179	194	582
Equipment backlog [2]	237	237	249	229	220	220
NIBD (incl. shareholder loans)	283	271	265	289	316	376

1) EBITDA (adj.) excludes non-recurring expenses or costs defined as outside of normal company operations

2) Equipment backlog defined as order backlog within Projects, Products and Other

Key figures | Split per company (2/4)

AKOFS OFFSHORE

USD million	3Q 23	4Q 23	1Q 24	2Q 24	3Q 24	YTD 2024
Revenue and other income	30	37	32	35	38	105
EBITDA	රි	13	റി	10	11	31
EBIT	-5	ব	-1	-0	1	O
CAPEX and R&D capitalization	2	1	।	।	3	5
Net capital employed [1]	332	314	309	305	297	297
Order intake
Order backlog	394	363	321	285	252	252
NIBD (incl. shareholder loans and lease liabilities)	362	351	361	363	358	358

Key figures | Split per company (3/4)

DDW Offshore

NOK million	3Q 23	4Q 23	1Q 24	2Q 24	3Q 24	YTD 2024
Revenue and other income	53	80	39	57	97	193
EBITDA	ਹ 8	40	-8	15	40	47
EBIT	ਹਤ	35	-12	7	24	19
NCOA	20	32	14	-19	43	43
Net capital employed	256	263	316	338	388	388

Key figures | Split per company (4/4)

OTHER HOLDINGS

NOK million	3Q 23	4Q 23	1Q 24	2Q 24	3Q 24	YTD 2024
Revenue and other income	റ	7	603	34	2	୧39
EBITDA	-22	-17	581	ਹਤ	-15	579
EBIT	-24	-20	579	12	-16	575
NCOA	294	267	858	-160	-127	-127
Net capital employed	908	960	1 620	843	832	832

Copyright and disclaimer

Copyright

Copyright of all published material including photographs, drawings and images in this document remains vested in Akastor and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

Disclaimer

Presentation of quarterly results is not audited and may deviate from statutory reporting. This Presentation includes and is based, inter alia, on forwardlooking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Akastor ASA and Akastor ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Akastor ASA. oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Akastor ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Akastor ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Akastor ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

AKASTOR ASA

Oksenøyveien 10, NO-1366 Lysaker, Norway P.O. Box 124, NO-1325 Lysaker, Norway +47 21 52 58 00

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